Stock quotation system



Oct. 26,1937. J. l. BELLAMY ET AL 2,096,954

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 17 Sheets-Sheet 1 STOCK LETTER KEYS sruvwxv' z Jo/mamy Mar771 L. Nelson Herberi' F Okay)? d- 1937- J. 1. BELLAMY El AL I 2,096,954

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 I 17 Sheets-Sheet 3 TPA/VSLATDBE [nuen'i'ors John I. Be [122mg Marfih L. Nelson Herberl F OberyTE/I .1. I. BELLAMY ET AL I 2,696,954

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 17 Sheets-Sheet 4 STOCK- com: I 5 I REGISTERS M1 *4 Q Q Q I 2 4 Q Q l 3 'H' L Q 4 Q 4/ 4/4 InvenTors John 1' Bellamy Oct. 26, 1937. J. l. BELLAMY ET AL 2,096,954

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 17 Sheets-Sheet 5 PIA/6E Y6 OF H/ L0 1.4 A l-1A ammo-44 F/GJ H62 176.3 H64 Jolml Bellamy MarTin L Nelson Herberr Faber 7&7! MM E Oct. 26, 1937.

J. l. BELLAMY ET AL 2,096,954

STOCK QUOTATION SYSTEM original Fi led July 15, 1929 17 Shets-Sheet 6 InuenTbrs John I. Be/Iam MarYin LJVe [son Herberf' E Oberyfz/I Oct. 26, 1937. 1. BELtAMY ET AL 2,096,954

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 17 Sheets-Sheet '7 PH- PRICE PEG/STEPS lnuenl'ora John [Bellamy MarTin L/Velson Herber? F Qberyfizl/ Oct. 26, 1937. J. I. BELLAMY ET AL 2,096,954

STOCK QUOTATION SYSTEM I Original Filed July 15, 1929 17 Sheets-SheetB SEE [-76.4

17 Sheets-Sheet 9 3% E Em Em |!.|l||

Oct. 26, 1937. J. I. BELLAMY Ef AL STOCK QUOTATION SYSTEM Original Filed July 15, 1929 9 W H HI ffii m x i fnuenfors John .1 fie [10mg Marin L. A/e/san Hererf F Obergfl/ Hfiy.

Oct. 26, 1937. .1. 1. BELLAMY ET AL STOC'K QUOTATION SYSTEM 17 Sheets-Sheet '10 Original Filed July 15, 1929 am QUQAQ bu Marfih L. Ne/son HerberT F: Oeryfe 1/ v m f B m y uL In n M J Original Filed July 15, 1929 17 Sheets-Sheet 12 Q NMQ 3% all Marfi'n L. Ne/so HerberfFOberyf/l Oct. 26, 1937.

J. l. BELLAMY ET AL STOCK QUOTATION SYSTEM Original Filed July 15, 1929 17 Sheets-Sheet 15 Oct. 26, 1937. J. I. BELLAMY ET AL STOCK QUOTATION SYSTEM Original Filed July 15, 1929 17 Sheets-Sheet 14 QmQ ma L \MQ m R8 Q3 $3 4 mm o L Q mg 3% n5 g 5 3 E 3\ Oct. 2 6, 1937.

J. I. BELLAMY ET AL STOCK QUOTATION SYSTEM 17 Sheets-Sheet 15 k T l H Hl- H H 1H g I J I m U Q Original Filed July'l5, 1929 fni/en Tar-5 John I fiellamy M07777! [LA/21 5021 Herberf F Oberyfl/ Oct. 26, 1937. J. l. BELLAMY ET AL 2,096,954

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 17 Sheets-Sheet l6 r if-T- +1 00/ /702 was I704 z Herberf Ober f/f 1937- J. l. BELLAMY ET AL 2,096,954

STOCK QUOTATION SYSTEM Original Filed July 15, 1929 l"? Sheets-Sheet l7 Ei E'U A a c 0 Herberf' E 055:7)?

Patented Oct. 26, 1937 UNITED s A rEs ATENT OFFICE s'rocir QUOTATION SYSTEM Original application July 15, 1929, Serial N0.

378,208. Divided and this application November 24, 1930, Serial No. 497,642

13 Claims.

The present system relates to stock-quotation systems, but is concerned more particularly with systems of this kind wherein the transmitter comprises a. register sender and wherein the re- 5 ceiver comprises an indicating deviceresponsive to impulses received from the'transmitter.

This application is a division of our application S. N. 378,208, filed July 15, 1929. In the parent application, the main object, broadly stated; is the production of a new and improved transmitting and receiving system suitable for transmitting information regarding the selling price of stocks so that such prices may be received and set up on indicators at a plurality of points.

15 This divisional application covers the novel features of the new and improved receiver or dis play indicator, one of which is provided at each place whereat the transmitted quotations are to be received and displayed.

20 The general aspects of the invention will perhaps be better understood if a brief description is given of the way in which stock brokers inform their customers at present of the price trend of the stocks they offer for sale. It is customary for a broker to have a so-called stock ticker in his oflice from which a tape slowly unwinds, giving the selling prices of the active stocks. The broker has an attendant who reads the tape and marks down the prices on a blackboard so that o the waiting customers may see the trend of the market. In addition to showing the last selling price in a space provided under the name of a given stock, the blackboard shows yesterdays closing price, todays opening price, the high price 35 of the day, and the low price of the day.

General description One outstanding disadvantage of the method of procedure above outlined is that the person 40 writing down the prices and making continuous changes is as often as not in such a position as to obscure the board from the View of the customers. In addition, the total amount of labor required, considering the brokers oflices as a whole, is quite enormous, and it is to the interest of efficiency to reduce this labor to a minimum. For this purpose, it is proposed to provide a single point at which thedesired information can be recorded and to provide an automatically operated indicator in each broker's office controlled from a separate transmitter at the single recording point.

It is proposed further to make use of the usual ticker tape at the central. point, and to provide two operators for setting up the quotations. The stocks are listed by means of the lettersof the alphabet, some stocks being represented by a single letter, some by two, and others by three. In order to make a division of stocks between the two operators, all stocks represented by the letters A to Kmay be assigned to one operator, as well as all stocks of two or three letters of which the first letter is A to K. The second operator takes care of the sales involving the stocks L to Z and the plural letter stocks whose designations begin with any one of the letters L to Z. It will be understood, of course, that this line of division is purely arbitrary, and that any other division may be made from time to time asit becomes necessary.

The other objects and features of the invention, having to do with the manifold operations involved in setting up and transferring and displaying the price indicatlons, are more or less subordinate to the objects and featureshereinbefore enumerated, and will be understood best upon a further perusal of'the'specification in connection with the accompanying drawings.

Description of drawings Referring now to the drawings comprising Figs. 1-21, they show by means of the usual circuit diagrams and mechanical drawings a transmitting and receiving system embodying the features of the invention. More in particular, Figs. 1-8 show a transmitter which may be designated as a. transmitter Tl; Fig. 9 indicates the transmitters T2, T3, and T4 together with a few of the plurality. of receivers and the repeaters RI and R2; Figs. 10, 11, and 12 show circuit drawings of one of the receivers which may be designated as the receiver REZ; Figs. 13-16 indicate mechanical details of the indicating apparatus in the receiver; Figs. 17 and 18 are circuit drawings to be substituted for Figs. and 12 when a modified type of indicator is used at the receiving station; Fig. 19 is a combination mechanical and circuit drawing of a modified type of indicator with which the circuit drawings l1 and i8 are used in substitution for the circuit drawings ill and I2; Fig. 20 is a table showing the code according to which the impulses are transmitted by the transmitter and are received and recorded in the receiver; and Fig. 21, appearing on the lower part of the same sheet with Fig. 5, is a layout of the drawings Figs. 1 to 12 and Figs. 17 and 18.

The transmitter The apparatusfor registering the stock-designating letters comprises the stock registers SRI and SR2 and SR3 of Fig. 2, and the apparatus for translating the registration of stock letters into a three-digit code to be sent to the receiving stations comprises the stock translators STI ST2,

and ST3, as well as the intermediate distributingframe IDF, Fig. 3. The price registers for registering the price (at which a current stock transaction took place) under the control of the digit keys of Fig. 5 comprises the price registers shown in Fig. 7. The price register PH registers the price hundreds digit; the register PT registers the price tens digit; the register PU registers the price units; and the register PF registers the price fractions digit. These designations hold true in case a full price quotation is sent, but the arrangement varies somewhat in case a lesser number of price digits is sent as will be hereinafter explained.

The stock code registers shown in Fig. 4, which are set from the translating apparatus of Fig. 3, through the intermediate distributing frame IDF, comprise the stock hundreds register SH, the stock tens register ST, and the stock units register SU. It may be further pointed out that a so-called range indication (to be later explained) is registered on the range register R of Fig. 6 under control of the range keys of i 5.

It will be noted that the lower portion of Fig. 6 includes a rectangle labelled register set #2. This register set #2 contains a duplicate of the equipment shown in Figs. 4 and 5 and of the range register R of Fig. 6. The two register sets are arranged to be used alternately so that a second registration may be set up immediately following the first and while the first is held stored on the first register set and is being transmitted. The relays 6H and SIS, it may be pointed out, are common to thetwo registers and are arranged to switch from one register to another automatically at the end of a registration so as to automatically switch the next register into service.

The apparatus shown in Fig. 8 is the sending apparatus that sends digit impulses under the control of the two register sets shown in Figs. 4, 6, and 7. The impulses transmitted by the sender of Fig. 8 go out over the conductor 821 to the repeater RI, Fig. 9, and are from thence repeated to the several receiving stations.

Detailed description The system having been described generally, a detailed description of the operation of apparatus shown will now be given. For this purpose, a description of the operations involved when the operator at the transmitter Ti, shown in Figs. 1 to 8, sets up a quotation on her key set of which the letter keys are shown in Fig. 1 and the digit keys and range keys in Fig. 5.

It will be assumed that the register set No. 1 comprising the registering apparatus of Figs. 4 and 7 and the upper portion of Fig. 6 is in service at the time the operator sets up the quotation to be now described, this being true because the relay SM is energized as shown and because the relay 6l5 is deenergized as shown. It will be assumed further that the letters representing the stock whose quotation is to be transmitted are the letters B, B, and A and that the price to be transmitted is 104%; dollars. It will be assumed further that this is neither the high price nor the low price of the day and that it is accordingly set up as merely the last price. The

erates the letter key B of Fig. 1.

full indication to be set up 'may be represented by BBA--l041-LA. The first portion is set up by operating the stock letter keys of Fig. 1. The second portion is set up by operating the digit keys of Fig. 5; and the final portion (the range indication) is setup by operating a range key of Fig. 5.

Stock registration To set up this number" the operator first op- These keys, it

will be understood, are non-locking keys of the push-button type, being arranged so that, when the operator depresses a key to close the contacts thereof and releases the key, the plunger returns to normal and the contacts of the key open. When the key B is pushed, a circuit is closed from ground through the contacts of the key and through contacts of the normally-energized connecting relay 202 for the register relay B of the stock register SRI. Relay B energizes and at its inner upper armat' 1'6 closes a locking circuit for itself through the transfer relay 20! from the grounded conductor 250, which is grounded through contacts of relays 201 and 208 from the grounded conductor 602, which latter conductor is grounded in Fig. 6 through contacts of the error relays 6|3' of the register set #2 and (N3 of the register set #1. The locking circuit for relay B does not become eifective immediately and relay 20I remains short circuited and deenergized as long as the key B of Fig. 1 is held depressed, but, when the key B is released, the short circuit is removed from around relay 20! and it energizes in series with relay B and opens the circuit of relay 202 and closes a circuit for connecting relay 204 through the inner armature of relay 203. Relay 204 pulls up and relay 202 falls back and disconnects the conductors of the keys A to R from the storage relays A to R of the stock register SRI. It will be noted, of course, that only the relays A, B, and R of this set are shown and that only the corresponding contacts of relays 202 are shown. It will be understood that the intervening relays are con ,nected up in the same manner as those shown.

A similar curtailment occurs in the case of the registers SR2 and SR3 and in each case it has been for the purpose of simplifying the drawings.

When the operator depresses the letter key B to register the second stock letter B, a circuit is closed through contacts of relay 204 of the stock register SR2 for the B relay in this stock register. It will be noted that this relay is designated -B. This indicates that the registration of this relay is the second letter of a stock, and that the first letter may be any one of several.

When the relay B operates, it closes at its inner "20B energizes through contacts of relays 20I, 203,

and 205, and connects the letter keys A to Z to the third-letter relays- A to Z of the stock register SR3. The relays of the register SR3 are designated in this manner to indicate that they are the third letter relays and that the first two some letters are variable letters, that is either one of the first two letters may be any one of a plurality.

When the operator depresses the key A of Fig. 1 a circuit is closed through contacts of relay 206 for the relay --A which operates and at its inner upper armature closes a locking circuit I for itself through relay 205 to the grounded conductor 250. Accordingly, transfer relay 205 operates in series with relay --A when the A key is released and at its inner armature it disconnects relay 206 and allows it to fall back and disconnect the letter keys from the associated re-.

.Prz'ce registration Referring now to Figs. 5, 6, and 7, when the operator depresses the digit key I, Fig. .5, to register the price-hundreds digit 1, a circuit is closed from ground through the right and left contacts ofthe digit keyl over conductors 5M and 502 for the storage relays A and B of the price-hundreds register PH, Fig. 'I, through contacts of connecting relay 102, which latter relay is energized through contacts of transfer relay IOI from the grounded conductor 60I, conductor 601 being supplied with ground potential through the lower armature of the energized relay 6| 4 of Fig. 6. When relays A and B operate, they close locking circuits for themselves at their inner armatures through transfer -relay IN to the grounded conductor 606. conductor 606 being grounded at this time through the upper contacts of relay 6i 3 and the normally-closed contacts controlled by the upper armature of relay 6I5. As a result, when the digit key I of Fig. 5 is allowed to restore, the locking circuit for relays A and 13 becomes effective and relay IOI energizes therein and transfers the grounded conductor 601 from relay I02 to the connecting relay I04 through contacts of the transfer relay I03. Accordingly, relay I02 falls back and disconnects the key conductors 50I500 from the relays A to D of the price-hundreds register PH, and relay I04 operates and connects these conductors to the corresponding relays of the pricetens register PT.

When the operator depresses the digit key 0 to set up the price-tens digit, a circuit is closed from ground over conductor 50d and through contacts of connecting relay I04 for relay D of the price-tens register PT. Relay D operates and locks itself at its inner armature to the grounded conductor 606 by way of the transfer relay I03. Relay I03 accordingly energizes when the digit key 0 is restored and it transfers the operating conductor 601 from connecting relay 704 to the connecting relay I06 by way of contacts of the key 4 over conductors 602 and 503 forthe relays B and C 'of the price-units register PU.

These/relays operate and close locking circuits for themselves attheir inner armatures through the transfer relay I05 to the grounded conductor 606. As a result, when the key 4 of Fig. 5 is released, relay I05 operates and transfers the operating ground from relay I06 of the priceunits register ,to the relay 106 of the price-frac tions register PF. Conductors 50I--504 are accordingly disconnected from the relays of the.

price-units register by the deenergization of relay I06 and are connected to the relays A to D of the register I08.

When the fractions digit 1 (indicating is recorded by depressing the digit key I, relays A and B of the price-fractions register PF operate over conductors 5M and 502 and close locking circuits for themselves to conductor'606 by way of transfer relay I01. As a result, relay I0I oper-. ates when the digit key I is released and it opens the circuit of relay I08, whereupon relay I08 falls back and disconnects the conductors 50l-504' from the relays A to D of the price-fractions register PF.

Range registration I Having recorded the stock and the price quotation, theoperator indicates the range by depressing the range key LA to cause the price quotation to be recorded as the last price. When this key is depressed, a circuit is closed from ground through the contacts of the key and over conductor 508 and through contacts of relay 6! I for relay D of the range register, relay 6 being energized from the grounded conductor 601 through contacts of relay 6| 0. Upon operating, relay D of the range register R closes a self-locking circuitat its inner contacts through relay 6 I 0 to the grounded conductor 606. As a result, relay (H0 energizes when the range key LA is released and with results to be explained hereinafter.

The registration is now complete and the. result of the registration will be taken up in detail.

Stock transfer and translation premature transfer of a two-letter indication as a single-letter indication or the transfer of a threeletter indication as a two-letter indication. The way this transfer takes place will now be pointed out. I

When the transfer relay IOI associated with the price-hundreds register PH energizes as hereinbefore pointed out upon the release of the digit key following its depression for the first price digit 1,-it closes a circuit at its lower armature which starts at ground through the lower contacts of. transfer relay 6) of the range register R, Fig. 6, and continues by Way of conductor 608, lower contacts of relay I03, lower contacts of relay IIII (now energized), stock transfer conductor GM, to the upper armatures of relays A to --Z of the registeLSRS, Fig. 2. This conductor is extended to the corresponding armatures of the relays --A to --Z of the stock register SR2 in case only a two-letter designation is recorded on account of the fact that relay 205 is not energized in such case, and it 'is extended through contacts of relay 203 to the corresponding armatures of relays A to R of the stock register SE! in case only PG by the energization of relay, 

